Team Humans of Blockchain™ was present at the Binance Blockchain Week, 2019 in Singapore. We got the opportunity to talk to people from the Binance team and got to know their plans and vision. One thing that Binance is doing differently is their inclination towards social causes. Binance has come up with the Binance Charity Foundation – a decentralized solution to help address both massive and local scale problems.
Here’s what the Head of Binance Charity Foundation – Helen Hai and the had to say about the Binance Charity Foundation.
So, I know CZ for 10 years actually. After he has been on the front page of Forbes Magazine last year and I had an opportunity to have lunch with him. He is a true believer in the crypto industry and he felt right now this is the early stage for the technology. And for the industry to grow and develop, he believes the we need industry shapers to shape the industry in the right direction. Then he said something which really touched my heart, he said “Binance has the duty to move from success to significance“, which is to play the role of an industry leader.
If we look at the third industrial revolution, giant companies were created like Google, Alibaba etc. but the problem is that in the world, 1% of the population holds 90% of the Global wealth. So,CZ said that in the 4th Industrial revolution, Blockchain is the Key technology. Entrepreneurs have the duty to do the things they didn’t do in the last 20 years. So that’s why I set up a charity foundation to integrate technology to help bottom section of the world. And that was my vision hence I joined CZ to head the foundation.
We live in a world with a population of 7 billion and the bottom billion people are suffering as we sit in this 5-star hotel having conference. So, its our duty to support them. In Binance Charity Foundation, we setup a goal for ourselves. We have a longer goal to support the bottom billion. So, we gave ourselves a medium goal i.e we want to cover the 10% of them in the next 5 years (100 million people). We want to use blockchain to influence them and make their lives better.
So, in 2019, the short term goal is that we want to start with 1 million children in Africa. We can help them in several ways. First, we believe that food is the fundamental thing, if you have empty stomach, leave alone education. The next step is to promote education. So, we figured out that to feed a child, you only need 1 BNB (Roughly about $6.).
There are so many people who want to do that but there is no infrastructure because when you give your $6, you don’t know how much of it is going to the destination. So, at Binance, what we did is that we actually developed a transparent system based on blockchain. You can track all your donations to the end beneficiary. So you can see actually, if you are putting 1 BNB into the system, how it goes to the end beneficary. How it goes to the suppliers and how it is converted into every meal. So, this is a transparent system that we developed. And we are actually piloting this project in Africa already.
We also got a chance to speak to the CEO of Binance – Changpeng Zhao for a short while discussing about the vision and future plans of the company.
On expansion plans:
We want to be everywhere in the world so it really depends on the local regulations and whether we can get a bank account. So, if there’s a fiat channel there, we’re open.
On the Binance Chain and Binance DEX:
We’re going both ways, centralised fiat and decentralised. There’s no conflict in going bothways. The Binance chain is a brand new chain but we took ideas from Bitcoin, Ethereum and also Tendermint and Cosmos. So, it’ like a combination of everything. We’re not targeting STOs but on a decentralized exchange, people can issue whatever token they want to issue.
To contribute to the Binance Charity Foundation, please visit: https://www.binance.charity/